State Bank of India offers loan to Indian National seeking higher education in India or aboard and have secured admission. Bank gives loan for graduation, post graduation, professional courses, courses approved by UGC/govt./AICTE etc. which have employment prospects. Loan covers all the expenses from fees to purchase of computers, etc.

Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt. etc
Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM etc
Teacher training/ Nursing courses approved by Central government or the State Government
Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation/Shipping
Vocational Training and skill development study courses will not be covered under the Education Loan Scheme, as the scheme is framed to provide bank loans for higher studies.

Loan Amount

Repayment:
Upto Rs. 4 Lacs - Up to 10 years

Above Rs. 4 Lacs and up to Rs. 7.5 Lacs - Upto 10 years

Above Rs. 7.5 Lacs - Upto 12 years

Repayment:
Upto Rs. 4 Lacs - Upto 10 years

Above Rs. 4 Lacs and upto Rs. 7.5 Lacs - Upto 10 years

Above Rs. 7.5 Lacs - Upto 12 years

Margin Money

For loans up to Rs.4.0 lacs : No Margin
For loans above Rs.4.0 lacs: 15%
Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin money

Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin money

Eligibility Criteria

Eligibility Criteria

Study Abroad

Study Abroad:

Age

Min.: 16 Yrs. Max.: 55 Yrs.

Documents Required:

ID Proof

Yes

Age Proof

Yes

Residence Proof

Yes

Income Proof

Yes

Telephone

No

Photograph

Yes

Bank Statement

Yes

Signature Proof

Yes

Others

*Mark sheet of last qualifying examination for school and graduate studies in India.
*Documents evidencing duration of course of commencement thereof, viz. Prospectus or Certificate from the competent
authority of the Institution.
*Copy of ranking of the University / Institution.
*Proof of admission to the course.
*Schedule of expenses for the course.

Study India

Study India:

Age

Min.: 16 Yrs. Max.: 55 Yrs.

Documents Required:

ID Proof

Yes

Age Proof

Yes

Residence Proof

Yes

Income Proof

Yes

Telephone

Yes

Photograph

Yes

Bank Statement

Yes

Signature Proof

Yes

Others

*Mark sheet of last qualifying examination for school and graduate studies in India.
*Proof of admission to the course.
*Documents evidencing duration of course of commencement thereof, viz. Prospectus or Certificate from the competent authority of the Institution.

Security

Security

Upto Rs. 4 lacs: No Security
Above Rs. 4 lacs to Rs. 7.50 lacs: Collateral security in the form of suitable third party guarantee.
The bank may, at its discretion, in exceptional cases, weive third party guarantee if satisfied with the net-worth/means of parent/s who would be executing the documents as "joint borrower"
Above Rs. 7.50 lacs.: Tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments.

Terms & Conditions

Terms & Conditions

Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.